Issued $30,000$ shares $of$ common stock $in$ exchange for $$300,000in$ cash.

Purchased equipment $at$ a cost $of$ $$40,000.$ $$10,000$ cash was paid and a note payable was signed for the balance owed.

Purchased inventory $on$ account $at$ a cost $of$ $$90,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$120,000.$ The cost $of$ the goods sold was $$70,000.$

Paid $$5,000in$ rent $on$ the warehouse building for the month $of$ March.

Paid $$6,000toan$ insurance company for fire and liability insurance for a one$-$year period beginning April $1,2018.$

Paid $$70,000on$ account for the merchandise purchased $in3.$

Collected $$55,000$ from customers $on$ account.

Recorded depreciation expense $of$ $$1,000$ for the month $on$ the equipment.